投资者聚焦美债、日债拍卖 重点关注债务风险与海外需求

Group 1 - The U.S. Treasury plans to issue a total of $183 billion in new interest-bearing government bonds, coinciding with a recently passed fiscal bill that significantly increases the national debt, raising market sensitivity towards debt outlook [1] - The auction of $69 billion in two-year Treasury bonds saw a yield of 3.955%, slightly lower than pre-auction market levels, indicating decent investor demand [1] - The auction is the first key benchmark debt issuance since Moody's downgraded the U.S. sovereign credit rating on May 16, raising concerns about the debt trajectory [1] Group 2 - Indirect bidders, primarily foreign central banks, accounted for 63.3% of the two-year bond auction, with total bids reaching $177.3 billion, 2.57 times the supply, although below the average of 2.65 from the last six auctions [1] - Last month, foreign participation in the two-year bond auction dropped nearly 20 percentage points to 56.2%, significantly below the six-auction average of 73%, indicating a need for improved confidence among overseas investors [2] Group 3 - The U.S. two-year Treasury yield stands at 3.977%, while the ten-year and thirty-year yields are at 4.444% and 4.948%, respectively, as market participants await the upcoming release of the Federal Reserve's May policy meeting minutes and April's core PCE inflation data [3] - A tax and spending bill pushed by President Trump is set to enter the Senate, with the Congressional Budget Office estimating it could increase the fiscal deficit by approximately $3.8 trillion over the next decade, further exacerbating the debt burden [3]